A.On or before June 1 of each year, the legislature shall transmit to the state board of education the aggregate expenditure limitation for all school districts for the following fiscal year that the economic estimates commission determines as provided in section 41-563, subsection C.
B.On or before November 1 of each year, the state board of education shall determine and report to the president of the senate, the speaker of the house of representatives, the chairman of the joint legislative budget committee and the governor's office of strategic planning and budgeting the aggregate expenditures of local revenues as defined in article IX, section 21, subsection (4), Constitution of Arizona, for all school districts for the current year.
C.If the aggregate expenditures of local revenue
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A. On or before June 1 of each year, the legislature shall transmit to the state board of education the aggregate expenditure limitation for all school districts for the following fiscal year that the economic estimates commission determines as provided in section 41-563, subsection C.
B. On or before November 1 of each year, the state board of education shall determine and report to the president of the senate, the speaker of the house of representatives, the chairman of the joint legislative budget committee and the governor's office of strategic planning and budgeting the aggregate expenditures of local revenues as defined in article IX, section 21, subsection (4), Constitution of Arizona, for all school districts for the current year.
C. If the aggregate expenditures of local revenues that the state board determines as provided in subsection B of this section exceed the expenditure limitation determined as provided in section 41-563, subsection C:
1. On or before November 1 the state board shall notify each school district that may be affected by subsections D and E of this section and inform it of the amount by which it may have to reduce its expenditures of local revenues.
2. On or before March 1 the legislature, on approval of two-thirds of the membership of each house of the legislature, may authorize the expenditures of local revenues in excess of the expenditure limitation for the current fiscal year.
D. The state board of education shall:
1. Determine the amount of the expenditures of local revenues that exceed the expenditure limitation.
2. Determine the amount of expenditures of local revenues for each school district and the total amount for all of the school districts.
3. Divide the amount determined in paragraph 1 of this subsection by the total amount determined in paragraph 2 of this subsection.
4. Multiply the quotient determined in paragraph 3 of this subsection by the amount determined in paragraph 2 of this subsection for each school district.
E. If the legislature fails to authorize the expenditures of local revenues that exceed the expenditure limitation as provided in subsection C, paragraph 2 of this section, on or before March 5 the state board of education shall inform each school district of the amount it is to reduce its expenditures of local revenues, and each school district shall reduce its expenditures of local revenues by the amount determined in subsection D, paragraph 4 of this section. On or before April 1, the governing board of each school district, after it gives notice and holds a public meeting in a similar manner as provided in section 15-905, subsections C and D, shall adopt a revised budget for the current year that does not exceed the previously adopted budget for the current year, minus the amount the state board of education specifies for reduction in expenditures of local revenues. Not later than April 4, the budget as revised shall be submitted electronically to the superintendent of public instruction.